Asian shares crept ahead on Monday and oil prices hit a five-week high as more countries re-opened their economies, stirring hopes the world was nearer to emerging from recession.
FILE PHOTO: Pedestrians wearing face masks walk near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease , at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song/File Photo
“The economies of Europe and the U.S. likely bottomed out in April and are slowly starting to come back to life,” wrote Barclays economist Christian Keller in a note. Federal Reserve Chairman Jerome Powell took a cautious line in an interview over the weekend saying a U.S. economic recovery may stretch deep into next year and a full comeback might depend on a coronavirus vaccine.
Data out on Friday had shown retail sales and industrial production both plunged in April, putting the U.S. economy on track for its deepest contraction since the Great Depression.
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